With the launch of BurstCoin, an all-new algorithm called Proof of Capacity (POC) has been introduced to the crypto etf universe! Instead of mining with an ASIC, or an expensive CPU/GPU, POC allows the user to ‘mine’ with dirt-cheap hard drive space, effectively making this an extremely efficient algorithm. This drastically lowers the cost of entry for new miners, which could quickly bring this new coin into the mainstream!
What’s the deal with Proof of Capacity (POC)?
Miners of POC create chunks of data that fill your HDD call ‘plots’. These plots are essentially your hash rate, the space you have to make plots that you have the more hash rate you have. The miner then periodically scans each plot to see if it can mine a block. Between these scans, the HDD stays can idle, once the blocks are counted the miner knows how long it will be before these blocks can produce a new block. For more details, check out the chart that the devs supplied, as well as the launch thread at :
Burstcoin has launched at a time when BTC is hitting 4-month lows, altcoins are at all-time lows, and half a dozen new coins are being introduced every day. For a coin to survive in this atmosphere, it takes innovation, a dedicated team of developers, and a successful PR team. Burstcoin has the innovation and appears to have a dedicated developer, however, the PR team is between lacking at best. The coin has no website or logo and doesn’t appear to have a strong social media following either yet. To make matters worse, the innovative new algorithm will force the whales who typically do most of the social media pumping to pass by this coin since their expensive mining rigs will be all but useless. The biggest challenge of this coin will be getting the word out.
TO SUM IT ALL UP
With that being said, there is plenty going for this coin as well. As mentioned, the dev is active, dedicated, and appears to know his stuff! The innovative algorithm is perfect for newcomers to the scene to get started “on the cheap”. This will be a coin where everyone is on equal footing. Instead of a handful of whales taking home the prize, it will be distributed throughout. You can get a 1 terabyte hard drive for just a couple of bucks, so the door’s open for just about anyone to come in and get started. Attracting newcomers is a powerful tool, and due to its innovation and low-cost appeal, word will naturally spread. The innovative nature and newcomer’s appeal will most likely overcome the lack of PR and turn this into a successful coin that spreads by word of mouth.